Telefonica of Spain is being forced to sell some of its shares in Portugal Telecom (PT) because its holding in the Portuguese company has risen above the maximum level of 10% for any single shareholder. Though Telefonica has not acquired additional shares, PT’s recent share buy-back has boosted the Spanish telco’s interest to 10.96%, Cinco Dias reports. Telefonica says it will sell off shares to take its stake back below the 10% threshold, raising around EUR110 million (USD156 million) in the process.
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